What are the traditional automobile defense wars?

At the annual Sino-German automobile conference, a news that FAW and Audi set up a joint venture company occupied the automobile circle. With the signing of the memorandum of understanding, the focus of negotiations between the two sides naturally focused on the proportion of joint ventures. Can FAW hold the 50:50 red line? Or can Audi grab more profits?

10 10 13, China first automobile co., ltd and Audi automobile co., ltd signed a memorandum of understanding in Changchun, and the two sides will jointly set up a new joint venture company to produce pure electric vehicles with PPE platform. The PPE platform that the new joint venture company plans to introduce is a high-end electric vehicle platform developed by Audi and Porsche for large electric vehicles. The first model will be put into production in 2024.

With the establishment of the joint venture company, the focus of both FAW and Audi seems to point to the joint venture share ratio. After all, unlike other luxury brands and China people's shareholding structure, Audi's shareholding in FAW-Volkswagen is only 10%.

The share ratio of 10% means that Audi can only get a dividend of 10% from FAW-Volkswagen every year. The reality is that domestic Audi A4L and A6L continue to sell well, and FAW and Volkswagen are obviously unwilling to take most of the profits.

In fact, as a "profit cow", Audi has always been dissatisfied with profit sharing. As early as many years ago, it sought to change the share ratio in the joint venture company, and repeatedly said that it would increase the share ratio of FAW and Volkswagen. In 20 14, several parties negotiated and even signed an agreement, stipulating that the proportion of FAW shares would be reduced from 60% to 5 1%, and Audi would be increased from 10% to 6544.

Today, BMW Brilliance took the lead in increasing the shareholding ratio of BMW to 75%, becoming the first beneficiary after the share ratio of the joint venture company was released. Later, Volkswagen won 75% of the shares of Jianghuai Volkswagen, which means Daimler and BAIC are rumored to be anxious for share split. ?

What Audi doesn't know is that FAW-Volkswagen Audi's "gold absorption" in the China market is only due to China's policy restrictions on the 50:50 joint venture, and Audi's control over FAW-Volkswagen has not crossed the red line. At this time, it seems that it is not surprising that FAW-Volkswagen Audi is eager to adjust the share ratio of the joint venture.

For Audi, it is naturally urgent to adjust the share ratio of the joint venture company to break through 50: 50 as soon as possible. Therefore, a close game between the two is inevitable.

In fact, talking with Chinese joint venture partners about raising the share ratio is tantamount to grabbing food from the tiger's mouth. FAW Group, the eldest son of Heguo Industry, was able to raise the Chinese share ratio to 60% in the initial stage of the joint venture. It is still difficult to realize the dream of raising the share ratio several times, but now that the share ratio has been liberalized, FAW Group will certainly not give up its own interests easily.

Undoubtedly, FAW Group also has full confidence. During the journey of China luxury car market in the past 32 years, China FAW has built a unique and unrepeatable system strength for Audi brand. This system covers the "full value chain localization" mode including R&D, production, procurement, quality assurance, marketing and personnel training, and the "full value chain innovation" mode that FAW and Audi will continue to lead in the next 30 years.

At the same time, as the first luxury car brand to introduce the global standard 4S shop service model into China, FAW-Volkswagen Audi helped Audi brand to form a super-large network layout system in China market, including 550 dealers, achieving comprehensive market coverage and strong user contact.

It is understood that in the future, the electric vehicles produced by the joint venture company of PPE platform will be sold by relying on the FAW-Volkswagen Audi dealer network system.

In addition to establishing a new electric vehicle platform PPE joint venture with FAW, the SAIC Audi project, which has been delayed, has officially entered the implementation stage. According to earlier news, SAIC Audi will launch four domestic models in advance, including A7L and A+? SUVe、B？ SUV、C？ SUV, including domestic Audi A7L and A+? SUVe will be the first two models on the market.

The cooperation between Audi and SAIC also involves the shareholding ratio of the joint venture company. According to the agreement signed by Audi and SAIC on 2016 1 1 0/0/1,the two parties plan to set up a joint venture sales company with a share ratio of 50: 50, but this agreement only lasted for half a year and has not been heard from again. Although the specific launch model of SAIC Audi has entered the implementation stage, the share ratio of SAIC Audi in the joint venture company is still pending.

Now, once the joint venture ratio is reached, Audi can not only achieve more revenue and beautify its financial statements, but also actually increase Audi's profits, which will be included together with the control right of FAW-Volkswagen Audi.

But the final game still depends on the respective market environment and confrontation strength of China and foreign countries. Especially for FAW Group, which has a huge volume, the complicated system, the status of state-owned enterprises and strong capital control are all obstacles to Audi's stock ratio breakthrough.

From the current point of view, the game between FAW Group, FAW-Volkswagen and Audi will continue around the interest distribution of joint venture vehicles.

After all, it will take a long game period from the signing of the memorandum between FAW Group and Audi to the official landing of the stock ratio. During this period, will there be any new innovation model for the share ratio of the two parties to the joint venture? Can FAW Group hold a joint venture share ratio of 50: 50? Didi special car will continue to pay attention.

Text/seal sweet

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.